New York S 691: Enacts the "consumer credit fairness act"

Bill Text

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 Speaker Carl E. Heastie

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S00691 Summary:

BILL NOS00691 

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SAME ASSAME AS A02317

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SPONSORGALLIVAN

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COSPNSR

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MLTSPNSR

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Amd §210-B, Tax L

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Relates to creating a local food and products sourcing tax credit.

Go to top S00691 Actions:

BILL NOS00691 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00691 Committee&nbspVotes:

Go to topS00691 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00691 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 691

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to creating a local food and
 products sourcing tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Local food and products sourcing tax credit. 1. Businesses subject
 4 to tax liability under article nine or nine-A of this chapter may claim
 5 the local foods and products sourcing tax credit against any such
 6 liability at the close of the tax year provided, however, that the
 7 unused portion of any tax credit claimed shall not be carried forward
 8 and applied in another tax year.
 9 2. For the purposes of this section the following terms shall have the
 10 following meanings:
 11 (a) "local products", are any products grown, raised, produced, or
 12 manufactured by a producer within the state of New York, from seed or
 13 conception through final product;
 14 (b) "producer", is an individual (whether acting individually or
 15 through a cooperative, corporation, partnership, business association,
 16 or educational institution) who is a farmer, student farmer, or manufac-
 17 turer of foods or goods in New York state, it shall not however include
 18 a wholesaler or distributor;
 19 (c) "net sales", are the total sales of the business subject to tax.
 20 3. The amount of the credit shall be proscribed according to the
 21 following schedule:
 22 (a) twenty percent of net sales are attributed to local products the
 23 credit shall be one thousand five hundred dollars.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01809-01-5

 S. 691 2

 1 (b) forty percent of net sales are attributed to local products the
 2 credit shall be three thousand dollars.
 3 (c) sixty percent of net sales are attributed to local products the
 4 credit shall be six thousand dollars.
 5 (d) eighty percent of net sales are attributed to local products the
 6 credit shall be twelve thousand dollars.
 7 (e) one hundred percent of net sales are attributed to local products
 8 the credit shall be twenty-five thousand dollars.
 9 4. (a) Businesses claiming the local food and products sourcing tax
 10 credit shall submit a computer-generated report with tax returns that
 11 claim a tax credit.
 12 (b) Such report shall include the name of the producer and the phys-
 13 ical place of the business where the products are produced.
 14 (c) The amount paid by grocer or business to the producer and the
 15 amount of units purchased.
 16 § 2. This act shall take effect immediately.

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